The German govenment today blocked the completion of a stock deal that would have transferred almost complete ownership of the startup satellite company KLEO Connect to a Chinese firm.
The cabinet agreed a decision by the economy ministry not to let Shanghai Spacecom Satellite Technology, which already has 53% of the company, acquire the 45% minority stake of German company EightyLeo, according to the sources.
KLEO Connect wants to establish a network of more than 300 small, low earth orbit satellites to be fully operational by 2028 along with the ground infrastructure to provide global communications services – similar to SpaceX with its project Starlink. [emphasis mine]
It appears this decision might be a bit late, considering that this Chinese pseudo-company, undoubtably working under the supervision of the Chinese communists, already owns a majority stake. That lateness however appears to be part of the German government’s decision in the last year to toughen its stance on China.
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